Revenue Split by Segments and Geography
The lead-acid battery business continues to account for the bulk of Amara Raja's revenues, though its share has been easing quarter by quarter as new energy picks up ground. In Q4FY26, lead-acid batteries and allied products brought in ₹3,254.7 crore and made up 92% of total revenues, with other businesses contributing the remaining 8%, or ₹281.0 crore. In Q3FY26, the split was 93:7, with lead acid at ₹3,173.8 crore and others at ₹236.4 crore. Going further back to Q4FY25, lead acid held a 95% share at ₹2,903.0 crore, while other businesses were at just 5%, or ₹157.1 crore.
The pattern is consistent. New energy's share of revenues has moved from 5% in Q4FY25 to 7% in Q3FY26 and 8% in Q4FY26. In rupee terms, other business revenues have nearly doubled from ₹157.1 crore to ₹281.0 crore in three quarters. Lead acid remains the core of what Amara Raja does, but the new energy piece is no longer negligible.
On the geography front, domestic revenues made up 89% of Q4FY26 revenues at ₹3,151.1 crore, with exports at 11% or ₹384.6 crore. In Q3FY26, the domestic and export split was 88:12, with domestic revenues at ₹3,010.6 crore and exports at ₹399.6 crore. Q4FY25 also had an 88:12 split, with domestic sales at ₹2,687.7 crore and exports at ₹372.4 crore.
Domestic revenues rose 17.2% YoY, going from ₹2,687.7 crore in Q4FY25 to ₹3,151.1 crore in Q4FY26. On the export side, revenues at ₹384.6 crore were marginally higher than the ₹372.4 crore in Q4FY25 but came in below the ₹399.6 crore seen in Q3FY26, suggesting some softness in overseas demand through the quarter.
Full Year FY26 Performance of Amara Raja Energy & Mobility
For the full year ended March 31, 2026, Amara Raja's operational revenue came in at ₹13,814 crore, up 7.5% from ₹12,846.32 crore in FY25. Lead-acid batteries and allied products contributed ₹13,005.29 crore to this, while new energy added ₹808.71 crore; up from ₹501.19 crore in FY25. The new energy segment's revenue nearly doubled year on year, driven by the scale-up in telecom pack supplies.
Total expenses for FY26 were ₹12,316.9 crore, up 9.7% from ₹11,229.9 crore in FY25. The increase reflects higher raw material costs as well as the capital being deployed into the new energy business.
EBITDA for the year stood at ₹1,497.1 crore, down 7.4% from ₹1,616.5 crore in FY25. EBITDA margin came in at 10.8%, contracting 175 basis points from 12.6% in FY25, as cost pressures and new energy investment spending weighed on margins.
Profit before tax for FY26 stood at ₹1,206.9 crore, down 5.2% from ₹1,273.2 crore in FY25. Net profit after tax came in at ₹895.8 crore, also down 5.2% from ₹944.7 crore in FY25. PAT margin narrowed by 87 basis points to 6.5% from 7.4% in FY25.
On the annual segment results front, lead-acid batteries and allied products reported a profit of ₹1,270.46 crore, up from ₹1,233.63 crore in FY25. The new energy segment posted a loss of ₹135.15 crore for FY26, wider than the ₹45.89 crore loss in FY25, as the company increased spending on cell technology development and gigafactory infrastructure.
Operational Highlights of Amara Raja Energy & Mobility
On the lead-acid side, four-wheeler OEM volumes held on to double-digit growth through the quarter. Inverter battery sales came in strong, with most of the volumes sourced from in-house manufacturing. Domestic aftermarket volumes grew at a steady pace. Telecom, on the other hand, saw a continued decline in lead-acid volumes as lithium-based alternatives gradually took over that segment.
There were a few interesting highlights in the energy business. First, total energy supply from telecom packs exceeded 1 GWh for the year ending Q4FY26. Also, the total energy supply from telecom packs for Q4FY26 was highest ever in any single quarter at around 300 MWh. Secondly, a total investment of ₹1,500 crore has been made by the company in ARACT, which is the wholly owned subsidiary of ARE&M up to March 2026.
From a market context standpoint, India's lead-acid battery market is projected to reach $6.2 billion by FY2031 at a CAGR of approximately 4.2%. The global market is expected to hit $64.2 billion by FY2031 at a CAGR of approximately 4.4%, with Asia-Pacific holding the position of the largest and fastest-growing region. Lead-acid batteries retain their relevance because of lower upfront costs, a dependable supply and service network, high recyclability at over 90% recycling rates, and technology that has stood the test of time across automotive, stationary, and industrial applications.
Dividend Declaration by Amara Raja Energy & Mobility
The board has recommended a final dividend of ₹5.20 per equity share of ₹1 each, fully paid up, for FY2025-26, representing 520% of the face value. The record date for this dividend is Monday, July 27, 2026. The company's 41st Annual General Meeting is scheduled for Monday, August 10, 2026.
Management Commentary of Amara Raja Energy & Mobility
Mr. Jayadev Galla, Chairman and Managing Director, said: "Amara Raja has recorded consistent performance over the past year, underpinned by our strong leadership in the lead-acid battery business and the growing momentum of our new energy initiatives. Despite evolving geopolitical dynamics and rapid technological shifts, our focus on strategic diversification into new products and chemistries has positioned us strongly for the future. Energy storage is fundamental to India's growth journey, and we are steadily strengthening our capabilities to emerge as the country's leading cell-to-grid player."
Mr. Vikramadithya Gourineni, Executive Director, New Energy Business, said: “Our Giga Corridor infrastructure is shaping up well. Both the R&D centre and qualification plant are under commissioning and will be operational in the next month, marking our first significant milestone for Amara Raja's 'Made in India' cells. This will substantially accelerate our research and engineering efforts as we begin supplying commercial samples to customers in advance of our first gigafactory. We are also constructing a Battery Energy Storage Systems (BESS) plant in an accelerated manner, which is targeted to be operational by Q4. The first 2 GWh of cell manufacturing remains on track for June 2027."
About Amara Raja Energy & Mobility Limited
Amara Raja Energy & Mobility Limited, formerly Amara Raja Batteries Limited, is one of India's better-known manufacturers of lead-acid batteries for automotive and industrial use, sold primarily under the Amaron brand. The company's customer base spans four-wheeler and two-wheeler OEMs, the domestic aftermarket, telecom companies, and industrial buyers. Alongside its traditional battery business, the company has been putting significant capital into the new energy space, covering lithium-ion cell technology, battery packs, and energy storage systems. Its gigafactory project, with the first 2 GWh of cell manufacturing targeted for June 2027, represents its most ambitious step yet in moving from a battery manufacturer to a full-spectrum energy and mobility solutions provider.
